SPHY vs. BSJR

Last updated Jun 4, 2026

SPHY (SPDR Portfolio High Yield Bond ETF) and BSJR (Invesco BulletShares 2027 High Yield Corporate Bond ETF) are both High Yield Bonds funds - SPHY tracks the ICE BofA US High Yield Index while BSJR tracks the NASDAQ BulletShares USD High Yield Corporate Bond 2027 Index. Both are passively managed. Over the past 5 years, SPHY returned 4.39%/yr vs 3.37%/yr for BSJR. Their correlation of 0.87 suggests significant overlap in exposure. SPHY charges 0.05%/yr vs 0.42%/yr for BSJR.

Performance

SPHY vs. BSJR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio High Yield Bond ETF (SPHY) and Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPHY achieves a 1.54% return, which is significantly higher than BSJR's 1.11% return.

SPHY

• 1D: -0.21%
• 1M: 0.42%
• YTD: 1.54%
• 6M: 1.93%
• 1Y: 7.16%
• 3Y*: 8.97%
• 5Y*: 4.39%
• 10Y*: 5.15%

BSJR

• 1D: -0.09%
• 1M: 0.05%
• YTD: 1.11%
• 6M: 1.70%
• 1Y: 4.78%
• 3Y*: 7.78%
• 5Y*: 3.37%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPHY vs. BSJR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SPHY SPDR Portfolio High Yield Bond ETF	1.54%	8.59%	8.54%	12.81%	-10.57%	5.61%	6.65%	2.85%
BSJR Invesco BulletShares 2027 High Yield Corporate Bond ETF	1.11%	7.41%	7.15%	11.91%	-11.35%	3.60%	5.69%	3.00%

Correlation

The correlation between SPHY and BSJR is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Sep 13, 2019	0.87

The correlation between SPHY and BSJR has been stable across timeframes, ranging from 0.82 to 0.91 - a consistent structural relationship.

SPHY vs. BSJR - Sectors Allocation Comparison

Sectors	SPHY	BSJR
Financial Services	99.9%	13.8%
Energy	0.1%	4.3%
Basic Materials	-	1.6%
Communication Services	-	6.0%
Consumer Cyclical	-	11.2%
Consumer Defensive	-	1.8%
Healthcare	-	2.7%
Industrials	-	10.3%
Real Estate	-	4.2%
Technology	-	1.6%
Utilities	-	0.8%

Return for Risk

SPHY vs. BSJR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPHY

SPHY Risk / Return Rank: 62
SPHY Sharpe Ratio Rank: 56
SPHY Sortino Ratio Rank: 62
SPHY Omega Ratio Rank: 62
SPHY Calmar Ratio Rank: 59
SPHY Martin Ratio Rank: 71

BSJR

BSJR Risk / Return Rank: 78
BSJR Sharpe Ratio Rank: 68
BSJR Sortino Ratio Rank: 78
BSJR Omega Ratio Rank: 75
BSJR Calmar Ratio Rank: 80
BSJR Martin Ratio Rank: 87

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPHY vs. BSJR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio High Yield Bond ETF (SPHY) and Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	SPHY	BSJR	Difference
Sharpe ratio: Return per unit of total volatility	1.96	2.27	-0.31
Sortino ratio: Return per unit of downside risk	2.98	3.51	-0.53
Omega ratio: Gain probability vs. loss probability	1.39	1.45	-0.06
Calmar ratio: Return relative to maximum drawdown	2.98	4.13	-1.15
Martin ratio: Return relative to average drawdown	13.52	19.02	-5.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPHY vs. BSJR - Sharpe Ratio Comparison

The current SPHY Sharpe Ratio is 1.96, which is comparable to the BSJR Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of SPHY and BSJR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPHY	BSJR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	2.27	-0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.50	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.43	+0.21

Drawdowns

SPHY vs. BSJR - Drawdown Comparison

The maximum SPHY drawdown since its inception was -21.97%, roughly equal to the maximum BSJR drawdown of -22.58%. Use the drawdown chart below to compare losses from any high point for SPHY and BSJR.

Drawdown Indicators

	SPHY	BSJR	Difference
Max Drawdown Largest peak-to-trough decline	-21.97%	-22.58%	+0.61%
Max Drawdown (1Y) Largest decline over 1 year	-2.41%	-1.16%	-1.25%
Max Drawdown (3Y) Largest decline over 3 years	-4.85%	-3.15%	-1.70%
Max Drawdown (5Y) Largest decline over 5 years	-15.29%	-16.37%	+1.08%
Max Drawdown (10Y) Largest decline over 10 years	-21.97%	—	—
Current Drawdown Current decline from peak	-0.22%	-0.27%	+0.05%
Average Drawdown Average peak-to-trough decline	-2.29%	-3.25%	+0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.53%	0.25%	+0.28%

Volatility

SPHY vs. BSJR - Volatility Comparison

SPDR Portfolio High Yield Bond ETF (SPHY) has a higher volatility of 1.14% compared to Invesco BulletShares 2027 High Yield Corporate Bond ETF (BSJR) at 0.57%. This indicates that SPHY's price experiences larger fluctuations and is considered to be riskier than BSJR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPHY	BSJR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.14%	0.57%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	2.91%	1.45%	+1.46%
Volatility (1Y) Calculated over the trailing 1-year period	3.68%	2.12%	+1.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.17%	6.73%	+0.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.89%	9.37%	-1.48%

SPHY vs. BSJR - Expense Ratio Comparison

SPHY has a 0.05% expense ratio, which is lower than BSJR's 0.42% expense ratio.

Dividends

SPHY vs. BSJR - Dividend Comparison

SPHY's dividend yield for the trailing twelve months is around 7.27%, more than BSJR's 5.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BSJR Invesco BulletShares 2027 High Yield Corporate Bond ETF	5.75%	6.19%	6.75%	6.48%	5.37%	4.49%	4.53%	1.20%	0.00%	0.00%	0.00%	0.00%
SPHY SPDR Portfolio High Yield Bond ETF	7.27%	7.38%	7.80%	7.30%	6.47%	5.13%	5.63%	5.73%	4.09%	4.41%	4.27%	4.29%

Frequently Asked Questions

Can I hold both SPHY and BSJR in my portfolio?

SPHY and BSJR have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPHY or BSJR?

SPHY has higher volatility (1.14%) compared to BSJR (0.57%). In terms of maximum drawdown, SPHY dropped -21.97% vs BSJR's -22.58%.

Which ETF is better, SPHY or BSJR?

On 5-year performance, SPHY leads with 4.39% vs 3.37% for BSJR. On fees, SPHY is cheaper at 0.05% per year. On volatility, BSJR has been the lower-risk option at 0.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPHY or BSJR?

Over the 5-year period, SPHY has performed better with a 4.39% return vs 3.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPHY or BSJR?

SPHY is cheaper with a 0.05% expense ratio, compared with 0.42% for BSJR.

Which ETF pays a higher dividend yield, SPHY or BSJR?

SPHY has the higher dividend yield at 7.27%, compared with 5.75% for BSJR.

What is the main difference between SPHY and BSJR?

SPHY tracks ICE BofA US High Yield Index, while BSJR tracks NASDAQ BulletShares USD High Yield Corporate Bond 2027 Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.05% for SPHY and 0.42% for BSJR.

Which has better risk-adjusted returns?

BSJR currently has the higher Sharpe Ratio (2.27 vs 1.96), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.